TRIB3’s Head of Property, Alex Duke, talks location and why you’re in safe hands with us when it comes to securing the best possible location for your new store.
How does TRIB3 support its franchise partners to secure property?
Finding the best possible location for a TRIB3 store is arguably the most important part of the process so we have worked hard to provide the best possible platform for this to ensure success for our franchise partners. This spans a few things: firstly, we are really analytical and employ state-of-the-art technology and systems to help us take a methodical approach to location and territory mapped against our existing customer data points. This approach allows us to robustly score potential properties on overall probability to succeed. Secondly, we’ve also forged great relationships with key agents in the retail property sector which means they’ll alert us and work with us to be the first to know about new properties coming into the market that fit our specification. Agreeing the property is a collaborative process – once both we and our franchise partner agree we’ve located the perfect property we move into the negotiation process. It’s a super exciting milestone in the journey.
What are the key attributes you keep in mind when looking for a property?
Size is a key consideration of the search; minimum square footage required is around 2,750 with the studio being the most important element. The studio should be at least 1,500 sq.ft in order to be able to create the optimum 48 spots-per-session, reducing the payback period for our franchise partners. Other attributes include looking at high footfall areas, where the property is located within the community and what commercial properties it might be near to as well as the population density and demographic of that area. We worry about the finer details so you don’t have to.
How do you ensure you’re at the forefront of the property market and seeing the best opportunities first?
My team are always proactive when it comes to searching for and securing property and we are notified daily when a new location becomes available. We also have the knowledge to identify locations before they go to market, putting TRIB3 at the forefront within the leisure franchise space. The great relationships we’ve cultivated with agents also really support this process.
What excites you about finding property?
For me, making the very first search and finding out what gems are out there is really exciting, but getting to the actual visualisation of the store is a really special moment in the journey. Especially as you start to design and draw and make creative use of the space available. At this stage we find it starts to become very real for our franchise partners and the whole team experiences such a buzz to know that we are not far off opening another amazing TRIB3 store and continue growing our global community of workout warriors.
How long will it typically take to locate and secure a property?
There are a few variables at play here but typically it takes around six months to locate, secure and fit-out a property. Search can take up to a month with the rest of the period taken up by negotiations, completing the deal and then design and fit-out.
What’s the one piece of advice you’d give franchise partners regarding finding a great property?
Remember this is about partnership, we are working together throughout to find the best location and to secure the best possible deal. If you are looking to start your TRIB3 store in an area you know really well just know that our team has the tools, technology and expertise to look at locations through many different, important lenses to help you make the most informed choice. It’s important you understand all the insight available to you and really get to know your chosen market so that you can feel really informed but also really excited about your property as it’s identified. It’s vital that you are honest with the feedback and support we provide. Ultimately this is your decision; we are just with you all the way.
Alex Duke is Head of Property at TRIB3. Having been in the property sector for over 15 years, he has worked both client side and with commercial property surveyors, covering all aspects of landlord and tenant services including property acquisitions and disposals. He is passionate about securing the best possible properties for our franchise partners.